How should a financial institution deter money laundering through new accounts? Choose 3 answers

• A.Document the identity of the party opening the account
• B.Seek to determine the source of deposited funds
• C.Query owner's names against FATF database
• D.Determine the beneficial owner(s) of the account

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Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU? (Choose two.)

• A.Disclose the reason and purpose for the request
• B.Send the same request to all FIUs
• C.Provide feedback on how the information was used
• D.Make best efforts to provide complete and factual information

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The marketing department presents a business plan targeting individuals holding important public positions. What are some steps the financial institution should implement as part of the plan to target such individuals?

• A.Determine the purpose of the account
• B.Take all reasonable steps to check the background of the individual based on public information
• C.Determine if the client appears on the Basel Committee on Banking Supervision's list of public officials
• D.Investigate the source of funds

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After review of the financial institution's enterprise-wide anti-money laundering risk assessment, the new compliance officer identifies several deficiencies that need attention.
Which deficiency could lead to the highest potential for unmitigated risk?

• A.The risk assessment is several years old and does not cover all current products and services.
• B.The risk assessment is revisited too frequently thereby diverting critical resources from other compliance tasks.
• C.The risk assessment is managed by a different team from the previous assessment therefore disrupting continuity of institutional knowledge.
• D.The risk assessment does not anticipate potential risks even though the financial institution has no immediate plans involving those risks.

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What are two aspects of the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking? (Choose two.)

• A.An Institution may assign a low risk rating to a correspondent bank located in a jurisdiction deemed to have an adequate AML environment (e.g., Financial Action Task Force member country) without needing to consider other factors
• B.At least one person, aside from the person sponsoring the relationship, should approve the correspondent relationship.
• C.Correspondent banking is an inherently high risk business and all correspondent bank relationships should be reviewed on an annual basis.
• D.Factors such as politically exposed person involvement and downstream (nested) correspondents increase the risk inherent in a correspondent relationship.

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